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6/17, 2:56 AM (Source: TeleTrader)
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Inflation pressures subdued - RBA's Lowe

Reserve Bank of Australia Governor Phillip Lowe (pictured) said that the signs of a tightening labour market and inflation pressure remain "subdued," adding that wage increases will need to be higher in order to achieve sustainable inflation within the target range before 2024.

"The Board wants to see the recent recovery transition into strong and durable economic growth, with low unemployment and faster growth in wages than we have seen recently," said Lowe.

He added that the country's economy is still in the "recovery phase," despite the board previously pointing to it ending the period of pandemic recovery and starting to expand.

Breaking the News / NL